How to tell whether the structured settlement buyer you’re dealing with is genuine?

February 26, 2014

The annuity that you are receiving as a part of your structured settlement due to some personal injury or as a part of your worker’s compensation may just not work out if you have a sudden need to make some lump sum payments. It could be to make some urgent payments that need to be made otherwise there could be legal penalties or to pay for education or health related issues or to make any other equally important payments that needs a substantial amount- one that you cannot generate from any other avenue. Although the amount that you are receiving as your settlement would normally have been sufficient to cover the expense but because the settlement is being awarded to you structurally in parts as monthly or annual installments, it is difficult to get your hands on to a larger sum of money that you need now. This may just make you make up your mind to sell your structured settlement to another buyer who will in lieu of the settlement amount give you your desired huge amount in one go.

You must check the buyer before agreeing to sell your structured settlement

To ascertain that the settlement buyer that you are dealing with is genuine is difficult but not altogether impossible. It does require to you to file the required papers in the court before you seek to sell your structured settlements. The court will then set a date for you when you will have to appear and you can have an attorney represent you the expenses of which are generally borne by the buying party. You may even have your private attorney alternatively. If the buyer discourages you to have your personal attorney then it is a clear cut signal for you to be worried. Also, the role of the broker’s in getting your structured settlements being sold cannot be neglected. These people have the best of your interests in their hearts and it could be a part of their jobs to look into the profile of perspective buyers who wish to buy your structured settlements as to their credibility and capacity to provide you with the lump sum payments that you need. However, you may use the services of brokers only when there are huge sums involved because even their services come with a price tag. But if you employ their services they are able to get you the best buyers who will pay you a good amount for the sale of your structured settlements and will also take care of all the legal formalities in a way that there can be no way in which the other party can cheat you with your money. Ask for the quote of their services before you commit them to your case.

Few things to know before selling your structured settlements

Normally before the person or company buying your structured settlement offers you any advance against your structured settlement, should you opt to sell it to them; the brokers provide you with ready cash which can get you started in making the pressing payments for which you were selling the settlements in the first place. This also is a part of the services of the brokers and one that they are earnest enough to perform. The skilled representatives of the brokers leave no stone unturned in getting you the best rates from a reliable buying company in no time at all. It is however understood that the amount you will be receiving from the buyer will be lesser than the total value of your structured settlements, all installments put together but this the price that you pay to help yourself in dire circumstances by getting a discounted price for your settlements by selling it to another buyer. The consent of the judge in the legal court is mandatory for such dealings to take place; you will have to cite your reasons before him for selling your structured settlements prematurely. But if you have made sure that the buyers are genuine, you should have no cause for worry while selling the structured settlements yet in any case having a tight proof case with full transparency is best advised so that you are secured legally to receive all the payments that you must receive after selling your structured settlements. The brokers again play a vital role in this regard because their work is not done until you receive the full payment as you were promised.

The conduct of the buyer is proof enough

The amount given to you as decided is dependent on some factors. You may choose to sell full or half of your structured settlements. It is also subjective to the current economic conditions and may have certain additional extras added on to them. The company willing to award you all the money as their prerogative in the most transparent way would most likely be your true savior. As per Richard from (company name), structured settlements should only be sold to credible buyers with good intentions. You may be assisted by brokers during the sale to guide you through the legal proceedings and it is imperative too because the federal law can have an imposition of a 40% excise tax on transactions which are not in accordance with the ‘qualified state statute’ and hence before proceeding any further with the plan, you should ascertain in all ways explained earlier the genuineness of the buyer whom you are selling your structured settlement to.